Wells Fargo Small Business Loans

Determine which Wells Fargo small business loan you need Refer to your business model or business plan to determine which Wells Fargo business loans suit your needs, as well as how you'll divide your proceeds. The SBA 7(a) Term Loan guarantee cannot exceed $1,500,000 and has a ceiling of $4,000,000. The SBA Express loan ranges from $100,000 to $250,000. The Wells Fargo Small Business Advantage loan ranges from $5,000 to $100,000.

I recommend:  You can choose any of these 3 loans for a new, start-up business loan, depending on other factors.

Choose how to disburse your Wells Fargo small business loans Wells Fargo business loans can be used for working capital, fixtures, inventory, business acquisitions and so forth. If you need to purchase land and/or buildings for your new business, consider the SBA 7(a) Term Loan or the Express. These loans share many of the same features, but you can only borrow up to $250,000 with the Express.

I recommend:  Inquire about the SBA 7(a) Term Loan if want to purchase land and/or a building for a new business. You can use the proceeds from either of these loans to purchase a business, as well.

Secure a Wells Fargo small business loan to strengthen an existing business If you are considering a SBA loan for an existing business, the SBA 504 Term Loan size ranges from $150,000 to $3,000,000. You'll need a net worth of $6MM or less, and net profit after taxes of $2MM to qualify.

I recommend:  Choose the SBA 504 Term Loan for existing, for-profit businesses that need an infusion of funds.

To obtain a Wells Fargo business loan, present collateral Wells Fargo requires collateral for all loans listed above. Wells Fargo may take a secured interest in the business assets, real estate, or equipment and machinery.

I recommend:  Look into the Wells Fargo Small Business Advantage. The terms of the loan vary for what constitutes acceptable collateral.

Use Wells Fargo Small Business Lending to safeguard your projections Since none of us can guarantee sales for the future, consider applying for a revolving line of credit as a hedge against the unexpected.

I recommend:  Choose either the SBA Express or the Wells Fargo Small Business Advantage Loan.